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Sanghvi Movers
BSE: 530073|NSE: SANGHVIMOV|ISIN: INE989A01024|SECTOR: Engineering - Heavy
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« Mar 13
Auditor's Report (Sanghvi Movers) Year End : Mar '14
We have audited the accompanying financial statements of Sanghvi Movers
 Limited (the Company) which comprise the Balance Sheet as at 31st
 March 2014 and the Statement of Profit and Loss and the Cash Flow
 Statement for the year then ended and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards notified under the Companies Act, 1956 (the
 Act) read with the General Circular 15/2013 dated 13th September 2013
 of the Ministry of Corporate Affairs in respect of section 133 of the
 Companies Act, 2013. This responsibility includes the design,
 implementation and maintenance of internal control relevant to the
 preparation and presentation of the financial statements that give a
 true and fair view and are free from material misstatement, whether due
 to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances, but not for the
 purpose of expressing an opinion on the effectiveness of the entity''s
 internal control. An audit also includes evaluating the appropriateness
 of accounting policies used and the reasonableness of the accounting
 estimates made by management, as well as evaluating the overall
 presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial statements give the information
 required by the Act in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India:
 
 i.  in the case of the Balance Sheet, of the state of affairs of the
 company as at 31st March 2014;
 
 ii.  in the case of the Statement of Profit and Loss, of the loss for
 the year ended on that date; and
 
 iii.  in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order), as amended, issued by the Central Government of India in terms
 of sub-section (4A) of section 227 of the Act, we give in the Annexure
 a statement on the matters specified in paragraphs 4 and 5 of the
 Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a.  we have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b.  in our opinion, proper books of account as required by law have
 been kept by the company so far as appears from our examination of
 those books;
 
 c.  the Balance Sheet, Statement of Profit and Loss and the Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account;
 
 d.  in our opinion, the Balance Sheet, the statement of Profit and Loss
 and the Cash Flow Statement comply with the Accounting Standards
 notified under the Companies Act, 1956 read with the General Circular
 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
 in respect of section 133 of the Companies Act, 2013; and
 
 e.  on the basis of written representations received from the directors
 at on 31 March 2014 and taken on record by the Board of Directors, none
 of the directors is disqualified as on 31st March 2014, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Act.
 
 Annexure to the Independent Auditors'' Report – 31st March 2014
 [Referred to in the Independent Auditors'' Report to the Members of
 Sanghvi Movers Limited (''the Company'') on the financial statements for
 the year ended 31st March 2014]
 
 We report as follows:
 
 1 (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation
 of fixed assets.
 
 (b) The Company has a regular program of physical verification of its
 fixed assets, by which all fixed assets are verified in a phased manner
 over a period of two years. In our opinion, the periodicity of physical
 verification is reasonable having regard to the size of the Company and
 the nature of its assets. No material discrepancies were noticed on
 such verification.
 
 (c) Fixed assets disposed off during the year were not substantial and
 therefore do not affect the going concern assumption.
 
 2 (a) The inventory has been physically verified by management during
 the year. In our opinion, the frequency of such verification is 
 reasonable.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures for physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 (c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material and have been properly dealt with in
 the books of accounts.
 
 3 (a) The Company has not granted any loans, secured or unsecured, to
 companies, firms or other parties covered
 
 in the register maintained under section 301 of the Act. Accordingly,
 paragraphs 4(iii) (a) to 4(iii) (d) of the Order are not applicable.
 
 (b) The Company has availed unsecured loans from three parties covered
 in the register maintained under section 301 of the Act. The maximum
 amount outstanding during the year and the year-end balance of this
 loan was Rs. 196,200,000.
 
 (c) In our opinion the rate of interest and other terms and conditions
 on which the aforesaid loans have been taken are not, prima facie,
 prejudicial to the interests of the Company.
 
 (d) In the case of the aforesaid loans, there was no principal amount
 repayable during the current financial year.  The Company has been
 regular in repayment of interest as per the terms of the agreement.
 
 4 In our opinion and according to the information and explanations
 given to us, and having regard to the explanation that purchases of
 certain items of inventories are for the Company''s specialised
 requirements and similarly certain services rendered are for the
 specialised requirements of the buyers and suitable alternative sources
 are not available to obtain comparable quotations, there is an adequate
 internal control system commensurate with the size of the Company and
 the nature of its business with regard to the purchase of inventories
 and fixed assets and with regard to rendering of services. The
 Company''s activities do not involve sale of goods. In our opinion and
 according to the information and explanations given to us, there is no
 continuing failure to correct major weaknesses in internal control
 system.
 
 5 (a) In our opinion and according to the information and explanations
 given to us, the particulars of contracts
 
 andarrangements referred to in section 301 of the Act, have been
 entered in the register required to be maintained under that section.
 
 (b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts and
 arrangements referred to in (a) above and exceeding the value of Rs. 5
 Lakhs with any party during the year have been made at prices which are
 reasonable having regard to the prevailing market prices at the
 relevant time. However, on the basis of information and explanations
 provided, the same appear reasonable.
 
 6 The Company has not accepted any deposits from the public.
 
 7 In our opinion, the Company has an internal audit system commensurate
 with its size and nature of its business.
 
 8 The Central Government has not prescribed the maintenance of cost
 records under section 209 (1) (d) of the Act, for services rendered by
 the Company.
 
 9 (a) According to the information and explanations given to us and on
 the basis of our examination of the
 
 records, the Company has generally been regular in depositing
 undisputed statutory dues including Income tax, Wealth tax, Service
 tax, Customs duty, Sales tax, Provident Fund, Employees'' State
 Insurance, Professional tax and other material statutory dues during
 the year with the appropriate authorities. As explained to us, the
 Company did not have any dues on account of Investor Education and
 Protection Fund and Excise duty.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of Income tax, Wealth tax,
 Service tax, Customs duty, Sales tax, Provident Fund, Employees'' State
 Insurance, Professional tax and other material statutory dues were in
 arrears as at 31st March 2014 for a period of more than six months from
 the date they became payable.
 
 (b) According to the information and explanations given to us, there
 are no dues of Income tax, Wealth tax, Service tax, Sales tax and
 Customs duty which have not been deposited by the company with the
 appropriate authorities on account of any disputes other than those
 stated below:
 
 Name of the       Nature of the        Amount           Amount paid
 statute           dues                (Rs in Lakhs)     under protest
                                                         (Rs in Lakhs)
 
 Income Tax Act,   Income tax – TDS       21.47               _
 1961              demands
 
 Income Tax Act,   Income tax -          237.47             132.84
 1961              Disallowances
 
 Gujarat Value     Sales tax demand      124.75              _
 Added Tax Act,    on crane hiring
 2003              services
 
 Maharashtra       Sales tax demand      582.31              _
 Value Added Tax   on crane hiring
 Act, 2002         services
 
 The Finance Act,  Service tax on        261.20              _
 1994              services to SEZ 
                   units
 
 
 Name of the       Period to which       Forum where  dispute
 statute           the amount relates    is pending
 
 Income Tax Act,   2007-2014             Commissioner of
 1961                                    Income Tax - Appeals, Pune
 
 Income Tax Act,   2008-2011             Commissioner of
 1961                                    Income Tax, Pune
 
 Gujarat Value     June 2008 to          Gujarat Value
 Added Tax Act,    March 2009            Added Tax Tribunal
 2003
 
 Maharashtra       April 2009 to         Deputy
 Value Added Tax   March 2010            Commissioner  
 Act, 2002                               VAT, Pune*   
 
 The Finance Act,  2009-2012             Commissioner of
 1994                                    Central Excise, Pune
 
 
 10 The Company does not have accumulated losses at the end of the
 financial year. The Company has not incurred cash loss in the current
 financial year and in the preceding finincial year.
 
 11 In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to its
 bankers. The Company did not have any dues to any financial
 institutions or any oustanding debentures during the year.
 
 12 The Company has not granted any loans or advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 13 In our opinion and according to the information and explanations
 given to us, the Company is not a chit fund / nidhi / mutual benefit
 fund / society.
 
 14 According to the information and explanations given to us, the
 Company is not dealing or trading in shares, securities, debentures and
 other investments.
 
 15 According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks or financial institutions.
 
 16 In our opinion and according to the information and explanations
 given to us, the term loans taken by the Company have been applied for
 the purpose for which they were raised.
 
 17 According to the information and explanations given to us and on an
 overall examination of the Balance Sheet of the Company, we are of the
 opinion that the funds raised on short-term basis have not been used
 for long-term investments.
 
 18 The Company has not made any preferential allotment of shares to
 companies/firms/other parties covered in the register maintained under
 section 301 of the Act.
 
 19 The Company did not have any outstanding debentures during the year.
 
 20 The Company has not raised any money by public issue during the
 year.
 
 21 According to the information and explanations given to us, no fraud
 on or by the Company has been noticed or reported during the course of
 our audit.
 
                                               For B S R & Co. LLP
                                             Chartered Accountants 
                                     Firm Registration No. 101248W
 
                                                  Juzer Miyajiwala 
 Place : Pune                                              Partner
 Date : 30th May 2014                        Membership No. 047483
 
Source : Dion Global Solutions Limited
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